The Chilean unicorn foodtech NotCo has raised $70M in an extension of its Series D round. NotCo is valued at $1.5B and is preparing for its IPO in 2025.
The round was led by Princeville Capital, a U.S. investment fund focused on sustainable projects on a global scale. Previous backers include Tiger Global Management, Kaszek Ventures, Union Square Hospitality Group, L Catterton, Trousdale Ventures, and Jeff Bezos through Bezos Expeditions.
NotCo sells plant-based milk, cheese, burgers, meat, ice cream, mayonnaise, chicken, and more. Giuseppe, the algorithm that NotCo created, replicates the taste and texture of animal products. In July 2021, NotCo became a unicorn after a $235M funding round, and in February 2022 the company announced a joint venture with Kraft Heinz.
Matías Muchnick, founder, and CEO of NotCo, mentioned that the new round will help the company prepare for its IPO:
“We’ve already had a complete plan for an IPO by 2025. It takes time and a proper process to take a company public, so cultivating that discipline beforehand allows us to be more ready and maintain our competitiveness.”
NotCo is also focused on licensing its patented Artificial Intelligence, which will allow other brands, ingredient suppliers, and technology providers to leverage Giuseppe for their own innovation purposes. The goal is to accelerate the transformation of the Plant-Based industry.
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